3 Banking Tips That Can Help You Pay Your Loans Off Faster

Being debt-free from loans and credit cards is a goal that many strive for, but it can be very difficult to balance with bills and purchasing necessities. However, paying off your debt can actually be easier if you incorporate smarter and long-lasting banking habits. Regardless of your situation, our credit union in Brownsville would like to encourage you to try the following money-saving tips to help you pay off your loans faster!

Create Smarter Banking Habits

One of the first steps to paying off your debt faster is creating longer-lasting and realistic banking habits. This can include paying bills as soon as you receive a paycheck! Other strategies include:

• Creating a weekly spending goal.
• Avoiding careless card-swiping on unnecessary purchases.
• Paying more than the minimum requirement for loans (if possible).
• Keeping a weekly reminder of how much you owe to stay focused on your purchases.

Choose a Repayment Plan

You may want to consider speaking with your loan provider about the options they offer to lower your payment amount. However, working with our credit union in Brownsville could be the best option. Unlike banks or loan providers, our credit union provides a great alternative to favorable rates and services.

A few of our trustworthy programs include:

• Consolidation loans for people needing to lower their current interest rates.
• Auto Loans with competitive rates.
• Credit cards with fixed rates and no cash advance fees.

Be Aware of Debt Repayment Scams

VFCU wants to remind you to be mindful of debt repayment scams. For instance, a rule of thumb to remember is that a credible credit union (like ours) will generally never guarantee a loan in exchange for paying a fee. Generally speaking, credit unions never approve loans without a loan officer’s review first, and they never ask for compensation ahead of time. You can expect our credit union in Brownsville to do the same.

Apply to Become a Member Today!

Bank smart with a trustworthy financial institution like our credit union in Brownsville! We offer a variety of loans to choose from and banking services that include checking and savings accounts. Contact us today to learn more or to find out how to apply for membership!